Why Strategy Stock Is Falling This Week
Shares of Strategy (NASDAQ: MSTR) stock -- formerly MicroStrategy -- sank around 15% this week, according to data from S&P Global Market Intelligence. The Bitcoin investment company sank along with the price of Bitcoin this week as it ramps up its convertible notes and debt offerings to help fuel more Bitcoin purchases.
Strategy shares are up 163% in the last year, rising along with Bitcoin. Now, with the cryptocurrency crashing, investors are heading for the exits for Strategy stock as well. Here's why Strategy stock fell this week and whether it is a buy for your portfolio today.
A few years back, Strategy switched its entire corporate strategy to accumulating Bitcoin on its balance sheet. So far, the bet has paid off as Bitcoin's price has risen.
Source Fool.com
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